Weekly Market Snapshot – October 10th, 2020
Created by: Sam Tenney
- Municipal tax revenues are near record deficits currently, as many municipal cities fail to qualify for direct payments amid a collapse in tax revenues due to Covid-19. States are failing to properly fund municipalities as well, with a record $105 billion budget shortfall this year for states.¹
- Domestic bank lending as a percent of assets has fallen to historic lows of 53%, despite near zero interest rate policies instituted by the Federal Reserve. Bank lending provides growth for the US economy through corporate and consumer lending generating economic activity.²
- Third quarter earnings season has begun and given current releases estimates are a -15.8% year over year decline in S&P 500 operating earnings. However, 83% of companies have beat expectations and 76% have beat revenue projections. ³
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